Introduction 1
How This Book Is Organized 2
Conventions Used in This Book 3
Menu Commands 3
Web Pages and Manufacturer Information 4
Special Elements 5
What's New for QuickBooks 2014 7
New and Improved Features 7
Bounced Checks 7
Income Tracker 8
Inventory Min and Max Reorder Points 9
Sent Email Tracking 10
Alerts and Reminders List on Menu Bar 11
Bill Payment Stub Now Includes Bill Credits 11
Assign a Sales Rep to the Job Record 12
Job Status Reporting 12
Left Icon Bar Customization 13
Color Customization Options 14
Bank Feeds 14
Sort and Resize Billable Time and Costs Window 15
Create Multiple Email Templates 16
Include Attachments with Email 17
More Reports on the Transaction Ribbon 18
Print to One Page 19
Copy and Paste Line Items on Forms 20
Improved Payroll Center 20
Improved My Company Information 21
Enable or Disable Collections Center 22
For the Accounting Professional 23
Client Collaborator 23
Improved Batch Enter Transactions 24
Improved Client Data Review 25
For QuickBooks Enterprise Users 25
Add Sales Rep and Custom Fields to Expense Transactions 25
Job Work in Process (WIP) Summary Report 26
Committed Costs by Job Report 27
Automatically Build Subassemblies 27
Efficiently Replace or Remove Components in Assemblies 28
Options for Automatically Calculating the Cost Field in an Assembly Record 29
Efficiently Edit Cost, Price, Markup, and Margin for Inventory Items 30
Create Auto POs Now Suggests a Quantity to Order 31
QuickBooks Enterprise with Advanced Pricing 32
Price Rules 32
Quantity Discounts 33
1 Getting Started with QuickBooks 35
Understanding QuickBooks 35
Using QuickBooks Sample Data 37
Creating a New QuickBooks File 38
Express Start 39
Advanced Setup or Detailed Start-Formerly the EasyStep Interview 45
Creating a New File from an Existing Company File 49
Converting from Other Accounting Software 50
Converting from Quicken to QuickBooks 51
Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks 52
My Company Information 54
Setting Up Users and Permissions 55
External Accountant 56
Other QuickBooks Users 57
User Security in QuickBooks Enterprise 59
Overview of Comprehensive User Security in QuickBooks Enterprise 59
Set Up and Modify User Roles 60
Set Up Users 63
Reporting on User Activity 65
2 Getting Around QuickBooks 67
Home Page and Navigation 67
Title Bar 67
Menu Bar 68
Top Icon Bar 69
Left Icon Bar 72
Home Page 74
Open Windows List 77
Tutorials 79
Preferences 79
Accounting-Company Preferences 79
Desktop View-My Preferences 80
General-My Preferences 81
Spelling-My Preferences 82
Help Options 82
Selecting a Company File to Open 83
Opening Your Data File for the First Time 83
Choosing from a List of Multiple Data Files 84
3 Accounting 101 87
Basic Principles of Accounting 87
The Matching Principle 87
Accrual Versus Cash Basis Reporting 89
Basic Financial Reports 91
Balance Sheet 91
Income Statement 91
Statement of Cash Flows 92
Accounting Checklist to Help You Manage Your Financials 92
Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting 94
Cash or Accrual Basis Startup Transactions: Accounts Receivable 95
Cash or Accrual Basis Startup Transactions: Accounts Payable 100
Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance 103
Cash or Accrual Basis Startup Transactions: Recording Uncleared Bank Checks 105
4 Understanding QuickBooks Lists 107
Chart of Accounts 108
Account Types 108
Adding a New Account 110
Items 112
Understanding Items 112
Item Types 113
Adding an Item 115
Class 117
Customer Type 120
Managing Lists 120
Chart of Account Preferences 121
Add/Edit Multiple List Entries 122
Add Your Excel Data to QuickBooks Utility 124
Importing an Intuit Interchange Format File (IIF) 129
Reporting on Lists 132
Finding and Fixing Chart of Account Errors 132
QuickBooks Required Accounts 133
Making an Account Inactive 133
Merging Duplicated Accounts 134
Modifying an Account in the Chart of Accounts 135
Assigning or Removing a Subaccount Relationship 136
Finding and Fixing Item List Errors 139
Reviewing the Item List on the Computer Screen 139
Item Listing Report 140
Profit & Loss Standard Report 142
Correcting One-Sided Items 144
Making an Item Inactive 147
Merging Items 148
Creating Items As Subitems 149
5 Setting Up Inventory 151
Inventory Features by QuickBooks Edition 152
QuickBooks Pro 2014 152
QuickBooks Premier 2014 153
QuickBooks Enterprise Solutions Editions 153
Enabling Inventory Preferences 156
Inventory Item Type Descriptions 159
Inventory Part 160
Non-inventory Part 160
Group Items and Inventory Assemblies 160
Adding or Editing Inventory Items 161
Adding or Editing Individual Items 162
Using Add/Edit Multiple List Entries 166
Importing an Intuit Interchange Format File (IIF) 169
Changing Item Prices 170
Creating Inventory Assemblies 173
Creating Group Items 175
Setting Up Multiple Unit of Measurement 177
Proper Inventory Processes 180
Purchasing, Receiving, and Entering the Vendor Bill 182
Paying for Inventory 190
Selling Inventory 193
Working with Group Items 194
Working with Assemblies 195
Handling Inventory Backorders 196
Handling Customer Inventory Returns 200
Handling Vendor Inventory Returns 203
6 Managing Inventory 205
Adjusting Inventory 205
Performing a Physical Inventory Count 206
Quantity Adjustments 207
Value Adjustments 209
Inventory Reporting 211
Inventory Center 212
Report Center 213
Inventory Valuation and Your Financials 214
Reviewing the Recorded Average Cost Valuation 217
Reviewing Aged Item Receipts 219
Reviewing Aged Accounts Payable 223
How QuickBooks Handles Negative Inventory 224
When Inventory Has an Average Cost from Prior Purchase Transactions 224
When Inventory Does Not Have a Prior Average Cost 227
7 Setting Up Vendors 231
Customizing Your Home Page for Vendor Activities 231
Preferences That Affect Accounts Payable 232
Accounting 232
Bills 233
Calendar 234
Checking 234
General 235
Reminders 236
Reports and Graphs 237
Tax:1099 237
Time & Expenses 239
Working with the Vendor Center 240
Adding or Modifying Vendors 242
Finding Vendor Transactions 245
The Accounts Payable Process 247
Accounts Payable Transactions 247
Accounts Payable Workflow 249
Entering a Purchase Order 251
Recording Vendor Bills 251
Recording Vendor Credits 254
Paying Vendor Bills 256
Applying Vendor Credits 259
Taking Discounts on Vendor Bills 262
8 Managing Vendors 265
Accounts Payable Reporting 265
Reconciling Balance Sheet Accounts Payable Balance to A/P Aging Summary Report Total 265
Reviewing the Unpaid Bills Detail Report 267
Reviewing Aged Open Item Receipts 268
Reviewing Item Setup 270
Accounts Payable Balance on Cash Basis Balance Sheet 272
Tracking and Reporting Vendor 1099-MISC Payments 275
Correcting Accounts Payable Errors 285
When Vendor Bills Are Paid Without Using the Proper Process 285
Misapplied Vendor Credit 288
Removing Aged Open Item Receipts or Vendor Bills 289
Making General Journal Adjustments to Accounts Payable 290
Handling Unique Accounts Payable Transactions 293
Bartering Services with Your Vendors 293
Recording Vendor Prepayments 295
Entering Midyear 1099 Balances 298
Memorizing Recurring Transactions 299
Depositing a Vendor Refund 300
Paying and Recording a Credit Card Bill 301
9 Setting Up Customers 303
Customizing Home Page Customer Activities 304
Preferences That Affect Accounts Receivable 304
Payments 306
Sales & Customers 307
Checking 308
Finance Charge 309
Jobs & Estimates 310
Reminders 311
Reports & Graphs 312
Sales Tax 314
Send Forms 315
Spelling 316
Time & Expenses 316
Working with the Customer Center 318
Adding or Modifying Customers and Jobs 319
Finding Customer Transactions 323
Working with Prospects in the Lead Center 325
Setting Up Sales Tax 327
Creating Sales Tax Items 327
Creating Sales Tax Group Items 328
Creating Sales Tax Codes 329
Assigning Sales Tax Codes to Products or Services 331
Assigning Sales Tax Codes and Sales Tax Items to Customers 332
Creating Price Level Lists 333
Using Advanced Pricing in QuickBooks Enterprise 334
Price Rules 335
Quantity Discount 336
Creating Payment Terms 338
Customizing QuickBooks Forms 339
Using the Customize My Forms Wizard 340
Using the Customize Data Layout Tool 343
Accounts Receivable Processes 346
Using QuickBooks Estimates 348
Using QuickBooks Sales Orders 349
Creating Customer Invoices 350
Time and Expense Invoicing 363
Recording a Sales Receipt 367
Recording a Statement Charge 369
Recording the Customer Payment 370
Making the Bank Deposit 373
Recording and Applying a Customer Credit Memo 376
Refunding a Customer's Overpayment 379
10 Managing Customers 381
Accounts Receivable Reporting 381
Reviewing A/R Aging Summary and Detail Reports 382
Reviewing the Open Invoices Report 383
Reconciling Accounts Receivable Totals 385
Viewing the Accounts Receivable Balance on a Cash Basis Balance Sheet 386
Income Tracker 388
Enable the Collections Center 391
Generating the Missing Customer Invoices Report 393
Sales Tax Payable Reports 394
Reviewing Customer Lists for Tax Code and Tax Item Assigned 394
Reviewing the Item List for Tax Code Assigned 395
Reconciling Total Sales to Total Income 396
Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable 397
When a Check or Bill Is Used to Pay Sales Tax 398
Paying Sales Tax 398
Paying Sales Tax Without an Adjustment 399
Paying Sales Tax with an Adjustment 400
Correcting Accounts Receivable Errors 402
Removing an Open Balance from a Customer Invoice 403
Correcting Customer Payments 407
When a Credit Memo Is Applied to the Wrong Customer Invoice 411
When Deposits Were Made Incorrectly 412
Eliminating the Print Queue for Customer Invoices Marked to Print 418
Correcting Sales Tax Errors 419
When a Check or Bill Is Used to Pay the Sales Tax 419
When the Sales Tax Liability Report Shows Past Sales Tax Due 420
When Total Sales Does Not Equal Total Income 422
Correcting Undeposited Funds Account Errors 426
Reviewing the Balance in the Undeposited Funds Account 426
Removing Old Dated Payments in the Undeposited Funds Account 429
Unique Customer Transactions 431
Recording Your Accountant's Year-End Adjusting Journal Entry to Accounts Receivable 432
When a Customer Is Also a Vendor 432
Recording a Customer's Bounced Check 434
Tracking Customer Deposits in QuickBooks 438
Unique Sales Tax Transactions 439
When Your State Imposes a Maximum Sales Tax 439
Multiple Sales Tax Rates on One Invoice 441
Issuing Credit Memos When Sales Tax Should Not Have Been Charged 442
11 Setting Up Payroll 445
Getting Started 445
Payroll Process Overview 446
Selecting and Activating a Payroll Service Subscription 447
Updating Payroll Tax Tables 449
Employer Resources 450
Creating Payroll Accounts in the Chart of Accounts 452
Setting Up Payroll Tax Vendors 454
Payroll Preferences 455
Using the Payroll Setup Interview 458
Using the Run Payroll Checkup Diagnostic Tool 466
Setting Up Employees 469
Using the Employee Center 469
Adding or Editing Employee Information 470
Finding Payroll Transactions 473
Setting Up Payroll Items 475
Adding or Editing Payroll Items 475
Reporting About Payroll Items 478
Paying Employees 479
Payroll Home Page Workflow 480
Entering Employee Time 480
Preparing Employee Paychecks 482
Printing Paychecks or Paystubs 484
ViewMyPaycheck 485
Preparing Payroll Liability Payments 487
Paying Scheduled Liabilities 487
Adjusting Payroll Liabilities 488
12 Managing Payroll 491
Report Center Payroll Reports 491
Excel Reports 492
Tax Forms and Filings 494
Preparing and Printing Tax Forms 494
E-Filing Tax Payments and Forms 497
Troubleshooting Payroll 497
Comparing Payroll Liability Balances to the Balance Sheet 497
Comparing the Payroll Summary Report to Filed Payroll Returns 500
Reconciling Payroll Reports to Business Financials 500
Recording Unique Payroll Transactions 501
Employee Loan Payment and Repayment 501
Reprinting a Lost Paycheck 506
Paying a Taxable Bonus 507
Adjusting an Employee Paycheck 508
Allocating Indirect Costs to Jobs Through Payroll 509
Depositing a Refund of Payroll Liabilities 514
Recording Payroll When Using an Outside Payroll Service 515
13 Working with Bank and Credit Card Accounts 519
Preferences That Affect Banking and Credit Card Management 520
Working with Write Check Transactions 520
Using the Expenses Tab and Items Tab 521
Writing a Check 523
Printing Checks 526
Entering a Bank Debit Charge 529
Entering Credit Card Charges 529
Paying the Credit Card Bill 531
Transferring Funds Between Bank Accounts 532
Bank Feeds 532
Set Up Bank Feeds 533
Manage Bank Feeds 534
Renaming Rules in Bank Feeds 537
Reconciling the Bank or Credit Card Account 538
Troubleshooting Reconciliations 541
Determining Whether the Account Has Been Reconciled 541
Verifying That All Account Transactions Have Been Entered 543
Identifying All Uncleared Transactions 544
Completing the Multi-year or Multi-month Bank Reconciliation 545
Reviewing Uncleared Transactions 546
Reviewing Previous Bank Reconciliation Reports 548
Locating Bank Account Reconciliation Discrepancies 548
Reviewing the Voided/Deleted Transactions Reports 549
Restarting a Previously Completed Bank Reconciliation 550
Undoing a Previous Bank Reconciliation 550
Reconciling with an Adjustment 551
14 Reporting in QuickBooks 553
Using the Company Snapshot 553
Customizing the Company Snapshot 554
Defaulting the Company Snapshot as Home Page 556
Report Center 557
Reports & Graphs Preferences 559
My Preferences 559
Company Preferences 560
Modifying Reports 563
Modifying Options Available on the Report Window 563
Customizing Reports 564
Report Groups 565
Creating Report Groups 565
Using Report Groups 566
Managing Memorized Report List and Memorized Report Groups 568
Memorized Reports 569
Exporting and Importing Report Templates 570
Exporting a Report or Report Group Template 570
Importing a Report or Report Group Template 571
Exporting Reports to a .CSV File or to Excel 571
Emailing Reports 573
15 Reviewing Your Data 575
Reviewing the Balance Sheet 575
Account Types 576
Prior Year Balances 577
Bank Account Balance(s) 578
Accounts Receivable 578
Undeposited Funds 579
Inventory 580
Other Current Assets 581
Fixed Assets 582
Accounts Payable 583
Credit Cards 584
Payroll Liabilities 584
Sales Tax Payable 585
Other Current Liabilities and Long-Term Liabilities 585
Equity 585
Reviewing the Profit & Loss Report 586
Other Reviews 587
Tracking Changes to Closed Accounting Periods 587
Using the Audit Trail Report 588
Using the Credit Card Audit Trail Report 589
Reporting on Voided/Deleted Transactions 591
Viewing the Transactions List by Date Report 592
Troubleshooting Opening Balance Equity Account 593
Closing Opening Balance Equity into Retained Earnings 593
16 Sharing QuickBooks Data with Your Accountant 597
Overview 597
Benefits for the Business Owner 598
Benefits for the Accountant 598
QuickBooks File Types 599
Choosing a Method to Share Data 599
Data Sharing for the Business Owner 603
Reviewing Your QuickBooks Data 604
Creating an Accountant's Copy of Your Data 604
What the Business Owner Can and Cannot Do 609
Importing Your Accountant's Changes 610
Canceling an Accountant's Copy 616
Data Sharing for the Accountant 616
File Manager 2014 617
Creating an External Accountant User Type 618
Preparing Your Client for Data Exchange 619
Receiving an Accountant's Copy File 619
What the Accountant Can Do 623
What the Accountant Cannot Do 626
Returning the Accountant's Copy Change File to the Client 626
What to Request from the Client When the Import Is Complete 629
Converting the Accountant's Copy to a Regular Company File 629
Other Methods of Sharing Data 630
Send General Journal Entries 630
Batch Enter Transactions 632
Client and Accountant Collaboration 634
Access to Client Collaborator 635
How the Accountant Gets Started 636
How the Business Owner Gets Started 637
Accountant and Client Converse via Client Collaborator 638
17 Managing Your QuickBooks Database 643
The QuickBooks Database 643
System Requirements 644
Express Installation of QuickBooks 646
Installing QuickBooks for Multiuser Mode 647
The QuickBooks Database Server Manager 648
Windows Permissions Required for QuickBooks 650
Keeping Your Software Current 651
Upgrading Your QuickBooks Version 651
Installing a QuickBooks Maintenance Release 652
Protecting Your QuickBooks Database 653
Creating a QuickBooks Backup 653
Protecting the QuickBooks Operating Environment 656
Using Intuit Data Protect Online Backup Service 659
Monitoring Your QuickBooks Database 660
The Product Information Dialog Box 660
Using the Verify Data Utility 663
Monitoring QuickBooks Performance Using Windows Task Manager 663
QuickBooks Database Corruption 664
Common Causes of Corruption 664
Signs of Data Corruption 665
The QBWin.log File 665
Repairing List Corruptions 668
Reducing Database File Fragments 669
Rebuilding Your Company File 670
Using the QuickBooks File Doctor 671
Resolving QuickBooks Program File Corruption Issues 673
18 Using Other Planning and Management Tools 675
Planning and Budgeting 675
Create a Budget 676
Edit a Budget 678
Print Budget Reports 679
Delete a Budget 681
QuickBooks Loan Manager 681
Information to Collect 682
Getting QuickBooks Ready 682
Setting Up a New Loan 682
Setting Up a Loan Payment 684
Using the Year-End Guide 685
Synchronizing QuickBooks Lists with Microsoft Outlook 686
Using the QuickBooks Timer 690
Installing the QuickBooks Timer 691
Tracking Time with the Timer 691
Exporting Timer Activities 692
Importing Timer Activities into QuickBooks 693
A Client Data Review 695
B QuickBooks Statement Writer 753
C QuickBooks Enterprise Solutions Features 783
D QuickBooks Shortcuts 835
TOC, 9780789752635, 3/5/2014
